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Credit cards can be tools for personal financial health

30/01/2012 - By Frank LoSchiavo

Credit cards can be tools for personal financial health.

Tag: Credit Card Processing

There's been something of a backlash against credit cards in recent months, mainly as cash-strapped consumers turn to cash and debit as a means of making payments without incurring debt.

However, this assumption that credit cards are antithetical to fiscal discipline is wrong. In fact, credit cards can be used in manner that is very constructive to personal financial health. Here are a few reasons why:

Credit card processing can help build credit history. Consumers who don't own a credit card have lower average credit scores than people with at least one card, according to Credit Karma. By holding a low balance and paying off payments promptly, you can build toward a strong credit score.

Credit cards offer rewards and benefits, such as frequent flyer miles, gift cards, college savings and other programs.

"Some credit cards provide good rates on foreign currency conversions," points out Ray Martin for CBS MoneyWatch. "Many credit cards also double the manufacturer's warranty when the item is purchased on the card, making credit cards a good payment option when buying and shipping gifts in the consumer electronics category."

Articles written by ChargeNational.com's editorial team. For more information, click here.

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